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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarter of last year. However, the strong start of the year has been followed by a seasonal softening. Despite the 10% fall of the clean spot MR earnings in January (m-o-m basis), the earnings averaged at mid teen levels. The opening of some arbitrage windows, like the East to West movement of naphtha cargoes, healthy trade patterns in general and a solid growth in US exports were the main driving factors.
During February, the market eased back with the Chinese New Year holidays rendering a very quiet market in the East; however, average earnings for the first two months were still a lot higher compared to the same period in 2018. In March, unplanned refinery outages in the US, led to increased gasoline imports to the East and West Coast US, while West Africa’s demand growth also contributed in what was a strong earnings’ month in the western hemisphere. In the East, Middle East’s and India’s improvements stand out, with demand for Indian coastal business opening up to non-Indian flag ships.
Indicatively, below are the earning figures of some major product tanker owners in all sizes combined, for the first quarter of 2019. SCORPIO achieved average rates of $18,570/day, TORM achieved average rates of $17,949/day while Damico’s blended TCE was $14,057/day.
Being always a good indicator for spot market expectations, the one-year-time charter rates for the MR size have been gradually improving, settling at the end of Q1 at around $14,000/day and $15,500/day for conventional and Eco MRs, respectively.
As far as Q2 is concerned, April and May saw a slowdown for most of the product tanker markets, while LR2 earnings have remained relatively flat. A major factor of this slowdown has been the seasonal refinery maintenance in Europe, US, Middle East and Asia, which is currently at its peak.
The remaining segments experienced a fall in spot earnings and with Owners remaining bullish on TC rates, period business activity slowed down as charterers were assessing the earnings potential going into next year.
Looking forward, many tanker market participants have strong faith that certain short term and longer term fundamental developments will act as game changer for the product tanker market. Much has been said about the increase in refinery capacity and the new IMO 2020 regulations that will push the market to improved levels in the coming years, with some expecting to see this uptrend starting as early as in the second half of 2019.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Planning Commission, India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
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